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If you could help me with the Journal entry worksheet part that would be awesome Required information Problem 2-2A (Algo) Computing and recording job costs,
If you could help me with the Journal entry worksheet part that would be awesome
Required information Problem 2-2A (Algo) Computing and recording job costs, preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 The following information applies to the questions displayed below) Marco Company shows the following costs for three jobs worked on in April Job 36 Sob 07 lobo Balances on March 31 Direct materials used (in Merch) Direct labor used in March) overhead applied (March) Costs during April direct materials used Direct labor used Overhead applied Status on April 30 $ 25,000 25,000 11,500 137,000 101,000 $ 42,000 15,000 7.500 215,00 150,000 17 Finished Cunsold) $100,000 107.000 Finished (sold) In process Additional Information 6. Raw Materials Inventory has a March 31 balance of $90,000, b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $382.000 c. Actual overhead costs incurred in Aprilare Indirect materials, $56,000, indirect labor, $25,000 factory rent. $32,000. factory utilities, $25.000, and factory equipment depreciation, $57,000 d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $685,000 cash in April Problem 2-2A (Algo) Part 1 d. Predetermined overhead rate is 50% reculdbol CUS e. Job 306 is sold for $685.000 cash in April. Problem 2-2A (Algo) Part 1 Required: 1. Determine the amount of overhead applied to each job in April. 306 307 308 April Total $ 0 0.50 0.50 0.50 0.50 Predetermined overhead rate Overhead applied Prav 1 2 Problem 2-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31), Job 308 April Total Job 306 Job 307 $ 5 26,000 23,000 11,500 42,000 15,000 7.500 March Direct materials Direct labor Overhead applied Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost Included in 215,000 154.000 137.000 101,000 452,000 357,000 100,000 102,000 Finished (sold) Finished (unsold) In process View transaction list Journal entry worksheet 1 2 3 4 5 6. 7 8 ..... 11 Record the entry for material purchased on credit. 3 ences Note: Enter debits before credits Transaction Credit Debit General Journal View general journal Record entry Clear entry pok View transaction list sk Journal entry worksheet 3 5 6 7 8 11 rint Record the direct materials used in production Q erences Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Print Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. References Note: Enter debits before credits General Journal Debit Credit Transaction h Record entry Clear entry View general journal WIN Journal entry worksheet 7 5 6 8 10 11 9 4 1 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req SB Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories Step by Step Solution
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